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Guaranteed merchant payment in a card-not-present transaction

a merchant payment and card not-present technology, applied in the field of guaranteed merchant payment in a cardnot-present transaction, can solve the problems of merchants not being able to guarantee merchant payment, merchants being unwilling to implement the necessary procedures, and the type of transaction is more prone to fraud

Active Publication Date: 2011-08-04
BANK OF AMERICA CORP
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

[0019]Thus, systems, apparatus, methods, and computer program products herein described provide for the payment card-issuing entity to guarantee payment to the merchant in card-not-present types of transactions and more specifically, guaranteeing merchant payment in card-not-present type of transactions based on the card-issuing entity or a third party operating on behalf of the card-issuing entity, authenticating the customer conducting the card-not-present transaction.
[0020]To the accomplishment of th

Problems solved by technology

In traditional card-not-present transactions the merchant is not guaranteed payment by the financial institution if the transaction is conducted fraudulently.
This type of transaction is more prone to be fraudulent because, unlike face-to-face card-present transactions, the wrongful possessor of the payment card does not have to verify that they are the named individual on the payment card.
Typically, in card-not-present transactions, the merchant is either unable to verify the identity of the payment card user or unwilling to implement the necessary procedures to verify the identity of the payment card user.

Method used

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Embodiment Construction

[0032]Embodiments of the present invention will now be described more fully hereinafter with reference to the accompanying drawings, in which some, but not all, embodiments of the invention are shown. Indeed, the invention may be embodied in many different forms and should not be construed as limited to the embodiments set forth herein; rather, these embodiments are provided so that this disclosure will satisfy applicable legal requirements. Like numbers refer to like elements throughout. Although some embodiments of the invention described herein are generally described as involving a “financial institution,” one of ordinary skill in the art will appreciate that the invention may be utilized by other businesses that take the place of or work in conjunction with financial institutions to perform one or more of the processes or steps described herein as being performed by a financial institution.

[0033]As will be appreciated by one of skill in the art in view of this disclosure, the p...

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Abstract

Embodiments of the invention provide for systems, devices, apparatus, methods and computer program products for payment card-issuing entities to guarantee merchant payment in card-not-present-transactions and, more specifically, automatically guaranteeing merchant payment in card-not-present transactions based on the payment card-issuing entity authenticating the customer prior to the transactions. By guaranteeing merchant payment in card-not-present transactions, the merchant's risk associated with such transaction is greatly reduced.

Description

CLAIM OF PRIORITY UNDER 35 U.S.C. §119[0001]The present application for patent claims priority to Provisional Application No. 61 / 299,695 entitled “Guaranteed Merchant Payment in a Card-Not-Present Transaction” filed Jan. 29, 2010 and assigned to the assignee hereof and hereby expressly incorporated by reference herein.FIELD[0002]In general, embodiments of the invention relate to methods, systems, apparatus and computer program products for merchant payment in card-not-present transactions and, more particularly, guaranteeing merchant payment in a card-not-present transaction based on authentication of the customer.BACKGROUND[0003]A card-not-present transaction refers to transactions conducted in which neither the payment card nor the customer are present at the point-of-sale. Examples, of card-not-present transactions include, but are not limited to, mail order transactions, telephone transactions, facsimile (fax) transactions, or Internet / e-commerce transactions. In all of the exam...

Claims

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Application Information

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IPC IPC(8): G06Q40/00G06Q30/00
CPCG06Q30/0239G06Q20/40
Inventor BLACKHURST, JASONUPTON, MICHAEL W.
Owner BANK OF AMERICA CORP
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